Legal Proceedings Report • Nov 20, 2020
Legal Proceedings Report
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Press release
Paris, (France), Cambridge (Massachusetts, United States), November 20, 2020, 8:00 a.m. CET - Biophytis SA (Euronext Growth Paris: ALBPS), a clinical-stage biotechnology company specialized in the development of drug candidates for treatment of age-related diseases, including neuromuscular diseases, today announces that the Paris Court of Appeal has, on November 18, 2020, ruled in summary proceedings in Biophytis' favor in connection with the dispute with NEGMA Group LTD ("Negma").
As a reminder, Negma had undertaken legal action in April 2020 in order to claim damages in amount of €910,900 from Biophytis as well as the delivery of 7,000,000 Biophytis shares that Negma considers it was entitled to pursuant to the terms of the outstanding Biophytis ORNANES held by Negma, of a nominal value of €1,400,000.
Pursuant to an order issued in summary proceedings by the President of the Commercial Court of Paris on May 7, 2020 ("7 May Order"), Negma had obtained a decision partially granting its claims, ordering, under penalty, Biophytis to (i) pay damages in an amount of €378,067, and to (ii) deliver 2,050,000 Biophytis shares.
Biophytis performed its obligation under the "7 May Order" on June 5, 2020 and appealed this decision. Following a judgment of November 18, 2020, the Paris Court of Appeal has:
As a result, Negma is ordered to return to Biophytis the 2,050,000 shares that had been delivered by the Company pursuant to the "7 May Order" and to repay Biophytis the €378,087 that was paid out by the Company pursuant to the "7 May Order". In addition, Negma has to pay €15,000 to Biophytis to cover the legal costs under article 700 of the French code of civil procedure.
As a reminder, in June 2020 Negma initiated proceedings on the merits against Biophytis, which continues to be pending before the Commercial Court of Paris. Hearings in these proceedings are expected to take place early 2021.
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Biophytis SA is a clinical-stage biotechnology company specialized in the development of drug candidates to slow down degenerative processes and improve functional abilities in patients with agerelated diseases, including neuromuscular diseases.
Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, currently in clinical Phase 2b in sarcopenia (SARA-INT) in the United States and Europe. A pediatric formulation of Sarconeos (BIO101) is being developed for the treatment of Duchenne Muscular Dystrophy (DMD). The company plans to start the clinical development (MYODA) in H2 2020.
Sarconeos (BIO101) is also being developed as a treatment for patients with COVID-19 related respiratory failure in a Phase 2/3 clinical study (COVA) in the United States, Europe and Latin America.
The company is based in Paris, France, and Cambridge, Massachusetts. The company's common shares are listed on the Euronext Growth Paris market (Ticker: ALBPS -ISIN: FR0012816825). For more information visit www.biophytis.com
This press release contains forward-looking statements. While the Company considers its projections to be based on reasonable assumptions, these forward-looking statements may be called into question by a number of hazards and uncertainties, so that actual results may differ materially from those anticipated in such forward-looking statements. For a description of the risks and uncertainties likely to affect the results, BIOPHYTIS' financial position, performance or achievements and thus cause a change from the forward-looking statements, please refer to the "Risk Factors" section of the Company's June 2020 H1 Report available on BIOPHYTIS website (www.biophytis.com).
This press release, and the information contained in it, does not constitute an offer to sell or subscribe, nor the solicitation of a purchase or subscription order, of BIOPHYTIS shares in any country. The elements contained in this communication may contain forward-looking information involving risks and uncertainties. The Company's actual achievements may differ materially from those anticipated in this information due to different risk and uncertainty factors. This press release was written in French and English; If there is a difference between the texts, the French version will prevail.
Evelyne Nguyen, CFO [email protected]
Media contact Citigate Dewe Rogerson Sylvie Berrebi/ Nathaniel Dahan/ David Dible / Quentin Dussart [email protected] Tel: +44 (0) 20 7638 9571 / +33 (0)1 55 30 70 91
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